January 18, 2016 by Canadian Underwriter
Intact Insurance, Canada’s largest home, auto and business insurance company, announced on Monday that it has launched drone insurance for its commercial lines customers.
The unmanned air vehicle (UAV) coverage “caters specifically to small and medium-sized businesses that currently use or plan to use drones to complement their business operations,” Intact Insurance said in a press release.
Commercial businesses interested in adding drone insurance to their coverage should speak to their broker about the options available to them, the release added.
“The number of businesses using drones is increasing due to improving technology, lower price points, and expanded uses within commercial operations,” said Alain Lessard, senior vice president, Commercial Lines for Intact Insurance. “Broker feedback and survey insights identified a growing customer demand and gap in non-specialty markets for this type of coverage. We are confident this product will help address current and future market demand.”
UAV coverage is the latest addition to the company’s line of products and services that provide “unique solutions which add value to businesses and brokers.” Other recent innovative commercial initiatives launched include its cyber endorsement, which protects businesses against cyber risks and myFleet Solution, a fleet-management insurance solution for businesses with fleets.
In April, Zurich Canada announced that it had launched a drone insurance package. Zurich Canada said at the time that the new package, developed in partnership with United Kingdom-headquartered Global Aerospace Underwriting Managers Limited, provides companies with both first and third-party coverage for a variety of risks:
• First-party property coverage – for theft or damage to the drone and any ground equipment used to operate it, or any electronics or components (payload) carried;
• Third-party liability coverage – for property damage and bodily injury caused by the drone, premises liability at locations used in connection with scheduled aircraft, as well as medical expenses; and
• Additional coverage extensions, which may include malicious damage, system hacking, and personal injury.